James, could you start us off, please, with an overview of the regulatory architecture?

Of course.

Thanks, Rob.

Insurance undertakings in Hong Kong are regulated by the Insurance Authority, or IA, with its authority derived from the Insurance Ordinance.

The IA is a relatively new regulator, having replaced the former Officer of the Commissioner for Insurance in twenty seventeen.

The IA supervises authorized insurers and insurance intermediaries and may undertake responsibility for the supervision of large multi-jurisdictional insurance groups whose ultimate parent entities are incorporated in Hong Kong.

The Insurance Ordinance framework applies to both life and non-life insurers, as well as other entities such as captives and reinsurers.

James, how about Pillar 2?